Debt collection in the UK has to be carried out by registered Debt Collection Agencies (DCAs). DCAs usually collect debts as a third party for the initial debt owner. Legally, they must follow the Fair Trading Act when recovering debt so the most important thing is that you know your rig...
During this initial contact, make sure to avoid saying anything that could be considered an admission that the debt is yours. Some debts that collectors claim you owe might not be legitimate due toidentity theft, billing errors, or an expired statute of limitations. Not only should you avoid ...
Collection agencies must wait 31 days before reporting any debt. If you can pay a delinquent bill before that 31st day, you can likely avoid damage to your credit score and credit report. You have even more time with medical debt. When a collection agency has a medical debt, they have to...
When dealing with a debt collector, don’t rush to pay or promise to pay. Instead, check the facts, know your rights around communication and report violations.
When dealing with a debt collector, don’t rush to pay or promise to pay. Instead, check the facts, know your rights around communication and report violations.
If you dispute a debt with the debt collector because you think it is inaccurate in any way (wrong amount, you don’t owe it etc.) the debt collector should let the credit reporting agencies to which it has reported the debt that it is disputed. If it does not, the collector may be...
When an individual defaults on a debt and the debt is purchased by a collection agency, the agency often has to go to great lengths to track the debtor down in order to request payment.
Are you being harassed by debt collectors or other agencies? Well, we’re here to let you know your rights when dealing with these types of people, and how to avoid these situations in the future. If you owe money to places such as mortgage companies, credit card agencies, or even for...
Debt collection is the process by which lenders or third-party debt collection agencies pursue repayment of money owed by individuals or businesses. Debt collection typically starts after a borrower has missed enough payments to formally default on a credit card balance or loan. Debt collection is ...
Medical billsunder $500 may not appear on credit reports. For now, this threshold can vary, so check with the specific agencies or your health care provider to understand how medical debts are reported and managed. Keep an eye on changes to the laws. For example, the CFPB hasrecently propo...